Novagold Resources (NYSEAMERICAN:NG) Shares Up 7.8% on Insider Buying Activity

Shares of Novagold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) traded up 7.8% during trading on Wednesday after an insider bought additional shares in the company. The stock traded as high as $4.40 and last traded at $4.47. 645,419 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 2,489,100 shares. The stock had previously closed at $4.15.

Specifically, Director Hume D. Kyle purchased 10,000 shares of Novagold Resources stock in a transaction dated Monday, June 30th. The stock was acquired at an average cost of $4.10 per share, with a total value of $41,000.00. Following the acquisition, the director directly owned 22,348 shares of the company’s stock, valued at $91,626.80. This represents a 80.98% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. National Bank Financial raised Novagold Resources to a “hold” rating in a report on Friday, March 21st. Royal Bank Of Canada raised Novagold Resources from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $5.00 to $7.00 in a report on Wednesday, June 4th.

Novagold Resources Stock Up 0.9%

The firm has a fifty day moving average price of $4.01 and a 200 day moving average price of $3.49. The firm has a market capitalization of $1.84 billion, a price-to-earnings ratio of -18.83 and a beta of 0.67. The company has a debt-to-equity ratio of 0.96, a quick ratio of 76.72 and a current ratio of 76.72.

Hedge Funds Weigh In On Novagold Resources

Several hedge funds and other institutional investors have recently bought and sold shares of NG. Raymond James Financial Inc. acquired a new position in Novagold Resources during the fourth quarter worth $1,952,000. Amundi raised its holdings in shares of Novagold Resources by 11.6% in the fourth quarter. Amundi now owns 2,414,702 shares of the mining company’s stock worth $8,138,000 after acquiring an additional 251,583 shares during the last quarter. Wealthfront Advisers LLC acquired a new position in shares of Novagold Resources in the fourth quarter worth $139,000. Cibc World Markets Corp acquired a new position in shares of Novagold Resources in the fourth quarter worth $76,000. Finally, American Century Companies Inc. raised its holdings in shares of Novagold Resources by 2.0% in the fourth quarter. American Century Companies Inc. now owns 629,390 shares of the mining company’s stock worth $2,105,000 after acquiring an additional 12,246 shares during the last quarter. 57.56% of the stock is owned by institutional investors and hedge funds.

Novagold Resources Company Profile

NovaGold Resources Inc explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc in March 1987.